The first reason leather furniture is so desirable is the luxurious feel of it. This comes from the fact that it is a natural product. Different hides result in different feels and textures. Alligator is quite different, for example, than rawhide. Shark is different from snake, and so on. Rough, dimpled, smooth, or irregular, hides properly prepared result in leather furniture that appeals to the tactile senses in different ways to different people. I prefer a smooth but firm leather, but I have a friend that likes more textures and rough feel. That's the nice thing about leather, you can shop around and get exactly what you like. Keep an open mind because what you think you prefer, may not hold true once you try different types.
The second reason leather furniture is so appealing, and tends to be more expensive than regular cloth and vinyl furniture, is because of the way it looks. Seems like a simple observation, and it is. But, when you think about it from an interior design perspective it makes a lot of sense. Paisley, argyle, plaid, floral, stripes and other patterns commonly found in cloth covered furniture are busy to the eye and are harder to decorate around. This is a major consideration, especially for the larger furniture pieces like sofas or recliners. Because leather furniture is more even in color, it is much easier to decorate around. Blacks, browns, burgundies, and almost every other color can be found. Cows don't come in green or blue so it is obvious that leather is died to color. For the more affluent, furniture can even be custom ordered so that the exact color and texture of leather is had.
And finally, the third reason leather furniture has such allure for so many people is because of it's incredible durability. Leather has natural imperfections, swirls, color differences, and other things that may seem (at least to the uninitiated) to indicate that the quality is less than desirable. However, this is not true. Even leather that doesn't look perfect is amazingly tough and durable. It takes a real case of misuse and abuse to do any real damage to it. I have a cousin who's kids took a knife to his leather sofa. In that case, the sofa lost. But, outside of this sort of thing, leather furniture can withstand almost anything.
Leather furniture is here to stay because it feels good, looks good, and lasts for years. It is a bit more expensive, but not like it used to be. There are many top quality manufacturers on the market now making it more competitively priced than ever. If you want to own leather furniture, you can.